Owning a home for the first time is incredibly exciting. After all, you have a space that is completely yours to decorate, spend time in and simply enjoy. However, with the rewards of homeownership also come the responsibilities, and people who are buying their first houses will discover that they suddenly have a whole slew of necessary to-dos. One of the most important things for a new homeowner? Buying a home insurance policy for the new house, which will not only protect the structure of the house, but also the things in it, should anything happen to it. If you are a first-time homeowner who needs to purchase a home insurance policy, the following tips will help you find the right plan to fit your family’s needs, as well as ensure that all of your belongings are protected so that you can sleep safe and sound in your brand new space.
1. You Should Shop Around
Every insurance provider is different, and you don’t have to stick with the first company you talk to. Before you choose a policy to protect your home, consult with several different companies and get quotes from each of them. Once you’ve received quotes on plans, you can choose which one best suits your needs — and your budget.
2. You Should Make Sure Everything (and Everyone) in Your Household Is Covered
When it comes to home insurance policies, one size does not fit all. In Canada, the standard policy usually covers: the cost of the home, its contents, personal liability of the policyholder, the policyholder’s spouse and children, dependents under the age of 18 and dependents who are temporarily away at school. If there are other people living in your home (e.g., other relatives or renters), be sure to consult with your insurance representative to make sure everything (and everyone) is adequately covered.
3. You’ll Need to Report Any Changes You Make to Your Home
If you are going to make changes to the home you purchase after you purchase it (or after you purchase your insurance policy), you need to let your insurance company know. This means that you should tell them if you choose to renovate, add a pool, rent out a room, buy expensive art or anything else. This will ensure that everything is covered if you ever have to make a claim.
4. You Should Take an Extensive Home Inventory
When you’re moving into your new home, take an extensive inventory of everything in it: this includes appliances, jewelry, furniture and more. Make a list of that inventory, then make multiple copies of it. Try to keep receipts for as many purchases as you make for your home. This inventory can help your home insurance company come up with as fair and accurate a policy quote for you as possible.
If you’re planning to purchase a home soon, you should also plan to purchase a homeowners insurance policy. Homes — and all of the belongings — are a huge investment. Insurance can make sure that that investment can be
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